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Will a Preakness bettor be as lucky as Broncos’ Wes Welker?

May 17, 2014

It makes sense that a guy who plays for the Broncos would have a winning touch when it comes to horse racing.

Denver wide receiver Wes Welker walked away with $57,193.90 from a bet he made on the Kentucky Derby.

Denver Broncos Wes Welker sharing his winning Kentucky Derby betWes Welker was having fun at the May 3 Kentucky Derby, handing out some of his bet winnings to other Churchill Downs attendees. Photo courtesy @ESPNNFL via @Jeff_Novak.

Welker was so thrilled with his big payout that he handed out $100 to other race attendees until stopped by a track police officer.

There's one problem, though. The folks at Churchill Downs say that the NFL player really won just $42,295.38.

The racetrack says a mechanical malfunction plus human error resulted in the five-digit overpayment. Churchill Downs officials sent a letter to "an individual believed to be a member of Wes Welker's group" who accepted the overpayment.

Good luck with that. Welker is not planning on giving back the $14,898.52.

"Yeah, get in line," Welker told NBC radio show host Dan Patrick. "I've heard about that. I've never heard of it actually happening, and supposedly my group got that. But we had no clue. They could have under-paid us and we wouldn't have known."

Under Kentucky Horse Racing Commission statutes, tracks are ultimately responsible for making up any lost money.

The famed horse track apparently is accepting its bad luck.

"At the end of the day, it's our mistake and we're not worried about the recovery," Churchill Downs spokesman Darren Rogers said. "We just hope they come back to Churchill Downs for next year's Derby with an extra $14,000 to burn."

The only downside for Welker is that he must pay taxes on his almost $15,000 bet overpayment.

You, too, will owe the Internal Revenue Service if you're lucky with bets on today's Preakness Stakes from Baltimore, the second crown in horse racing's Triple Crown, or any other wagers you make.

Good luck!

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TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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